Which comes first the View or the ViewModel?

In a Silverlight MVVM application, we have two related entities: the View and the ViewModel (Presenter). They go together to help present information to the user, but which one should be created first? Which one should know about the other one? This show: View or ViewModel (Presenter) First? This show was taped on location in Microsoft building 5 with Patterns & Practices team members Bob Brumfield and David Hill. Also joining us was Shawn Wildermuth.

We talk about:

View First Benefits

ViewModel (Presenter) First Benefits

Does either approach contribute to Blendability (displaying sample data in Blend)